Buston & Maughan

We’re pleased to have supported Buston & Maughan Ltd (B&M), a leading provider of social housing regeneration services, on securing minority private equity investment from Foresight Group.

Based in Crook, County Durham, B&M specialises in heating installations, kitchen and bathroom refurbishments, servicing and void works for social housing providers across the North East.

Founded in 2005 by Mick Buston and Mick Maughan, the business has grown to employ over 90 staff and delivers thousands of projects annually, serving more than 11,500 properties in its latest financial year.

Our Corporate Finance team, led by Partner Abu Ali and supported by Associate Director Mo Miah and Executive James Cockburn, was approached by B&M to identify the best options to raise funds to support its ongoing growth.

We worked closely with B&M’s shareholders to shape a process that would introduce the right growth partner. In doing so, we identified and introduced Foresight – a leading investment manager in real assets and capital for growth – as the investor that would provide the best strategic fit.

We ultimately structured a minority buyout deal and project managed the transaction through to completion, in a deal that will enable the B&M shareholders to realise the immediate value of the business while retaining majority ownership.

Foresight’s backing will provide a platform to accelerate organic growth and pursue strategic acquisitions in a sector expected to benefit from increased government spending. Beyond capital, the business will also play an active role in governance, introducing a chairperson and strengthening the leadership team.

Abu Ali, Partner at FRP Corporate Finance, said: “This is a strong deal for a local business that has enjoyed impressive growth in recent years, in an industry that will be integral in delivering the government’s planned investment in social housing and regeneration.

“By structuring a deal that delivered liquidity for the founders while keeping them in control, we’ve been able to set the business up for this next phase of expansion alongside an experienced investment partner in Foresight. We look forward to seeing what both businesses achieve together.”

Mick Buston, Managing Director at Buston & Maughan, said: “Over two decades we’ve built our business on integrity, compliance and a focus on the client. This deal gives us the platform to scale further, reach new territories and deliver even more impact for our customers and communities.

“Abu, Mo, James and the team at FRP Corporate Finance guided us through every step – from helping us understand the real value of our company to introducing the right investor and managing the process to completion. Their advice was invaluable in securing an outcome that gives us both stability and exciting growth potential.”